Flexsteel Industries Stock Forecast

Volatile ride for Flexsteel Industries stock price on Monday moving between $35.31 and $39.49
(Updated on May 06, 2024)

FLXS Signals & Forecast

There are mixed signals in the stock today. The Flexsteel Industries stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $37.47. On a fall, the stock will find some support from the short-term average at $36.77. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Flexsteel Industries gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 12.53%. Further rise is indicated until a new top pivot has been found.

Support, Risk & Stop-loss for Flexsteel Industries stock

On the downside, the stock finds support just below today's level from accumulated volume at $34.00 and $33.99. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Flexsteel Industries finds support just below today's level at $34.00. If this is broken, then the next support from accumulated volume will be at $33.99 and $33.90.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $4.18 between high and low, or 11.82%. For the last week, the stock has had daily average volatility of 9.78%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (FLXS) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect Flexsteel Industries to open at $37.30, and during the day (based on 14 day Average True Range), to move between $35.07 and $39.11, which gives a possible trading interval of +/-$2.02 (+/-5.46%) up or down from last closing price. If Flexsteel Industries takes out the full calculated possible swing range there will be an estimated 10.91% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $37.43 (0.92%) than the support at $34.00 (8.33%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Flexsteel Industries stock A Buy?

Flexsteel Industries holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.966 Sell Candidate Downgraded

Predicted Opening Price for Flexsteel Industries of Tuesday, May 7, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.